Time and Time-Keeping

It depends upon the culture/race.
Dwarves, being engineering types and mechanically minded, (and living underground where they don't see the sun) have developed clocks. Since the spell Alarm can be cast on jewelry (the spell makes the item vibrate on the hour) for a relatively low price, these clocks started out as toys or kinetic sculptures. However, their mechanistic beauty made them more popular than the simple Alarm bracelets.
Humans and Hobbits use timing candles, hour glasses, and, in some areas, water clocks.
Goblins use the Alarm spell, enchanted onto jewelry, and hour glasses.
Orcs rarely care; they are nocturnal anyway (they become weaker in sunlight) and either look at the stars or use timing candles like the Humans. Their IR vision (which they rely on at night) doesn't work with hour glasses, as the sand and the glass are the same temperature, so they can't be "read".
Elves...that will take some explaining. They live for thousands of years, so their sense of time is much more...relaxed. After all, they effectively have all the time in the world.
"Countries come and go,
Empires rise and fall,
People live, people die,
And Elves will live through it all."
Time sense for Elves is very different from that of shorter-lived races. To Elves, the other races are ephemeral. It is not unusual for an Elf to go visit a non-Elf friend only to find out their friend had died a decade ago. To most Elves, keeping track of the individual days is much like keeping track of how many ants exit an anthill. Day to day timekeeping is not too relevant for them. While Dwarves (and Humans) tend to break the day down into consistently-sized chunks (primarily from a mechanistic viewpoint), Elves aren’t quite so rigid. They break their days into six unequal pieces, based on the sun.
Hour of Spreading Light: (Lúmë Altapalyië) predawn to about midmorning.
Hour of Smaller Shadows: (Lúmë Cintavathar) midmorning to midafternoon
Hour of Stretching Sun: (Lúmë Anartainië) midafternoon to sunset
Hour of Enfolding Dark: (Lúmë Morivaiyië) sunset to late evening
Hour of Deepest Quiet: (Lúmë Tumnaquilda) late evening to past midnight
Hour of Final Dancing: (Lúmë Métimaliltië) past midnight to the wee hours of the morning

These hours vary in size depending upon the season and latitude, but when you are an Elf, the exact number of seconds are largely irrelevant.
Historically, because the Elves got there first, the day has always started with the dawn, for all races that tracked such things. Even the Dwarves. Despite being primarily a troglodyte race, they have enough surface settlements to require time-tracking and calendaring. The day is broken up into 24 hours. Note that the non-Elf day is shifted in time about 2 hours. Elves never required precision in their timekeeping, so the exact moment when the sun was going to rise wasn't important. So when the other races thought about time, they thought the Elves started their day with the sunrise, when in actuality, the sunrise happens in the middle of the Hour of Spreading Light.
Timekeeping in the Tondene Empire is primarily based upon "bells". The day starts at dawn; that is "First Bell". Noon/midday is about "Sixth Bell" (it varies a little with season and latitude). Sunset is "Twelfth Bell", midnight is "Eighteenth Bell", and the hour before dawn is the "Twenty-fourth Bell".

In most settlements, bells are rung on the hour, one for each hour. These bells aren't the conical type with a clapper; they are tubes of metal struck with mallets. These bells are also used as a way to signal the settlements residents in time of danger.
The day is broken up into six segments, each of four hours. The bells are rung first to tell which segment the day is in. These are quick in tempo, and usually the dawn (first sixth segment) is skipped for clarity. After the sixth designator pattern, the hours are rung in a more measured pace, one each hour of the sixth that has passed. For example, 6 pm (sunset) is the fourth hour of the third sixth, so there would be three quick tolls, followed by four slow ones. 12AM (midnight), is the 2nd hour of the fifth sixth. So there would be five quick tolls, and two slow ones.
That all said, where the races interact with each other, the above list can get mixed up a bit. There are plenty of non-Dwarves, for example, that have spent the large sums of money for Dwarven clocks to put on their mantles. The area that I am primarily working on is a collection of smallish nations, mostly organized by race, except for the largest nation, which gobbled up smaller, racially based tribes/nations early in its history. Now it's a cosmopolitan mishmash of just about every race. So just about every time-keeping device can be found somewhere within its borders. Except, perhaps, for Elves, since 1) their thought processes are rather conservative, and 2) their concept of time makes most time-keeping devices irrelevant.